A Systematic Literature Review of Digital Payments

Abstract

Digital payment is one of the payment methods that is used for exchanging currency digitally without the use of actual cash. Digital payments have revolutionized the way people spend their money. The present study aims to provide an extensive literature review of emerging digital payment technologies. The authors have gathered data from different databases, which include Scopus, Web of Science, EBSCO, and Elsevier using the keywords “Digital Payments”, “Internet Banking”, “Mobile Banking”, “E-payments”, “Electronic Payments”, “Online Payments”, and “Virtual Payments”. The research papers have been selected using certain selection criteria that have been discussed in this article. The present study has been divided into many sections including top contributing countries in the field of digital payments, trends of citation, prominent author’s citations, and prominent research methodologies of research papers. It highlights the worldwide spread of research on digital payments, including notable contributions from India, China, the United States of America, Malaysia, and Indonesia, among other nations. Regarding research methodology, surveys and quantitative approaches are often used, and one common data analysis tool is structural equation modelling. The present study highlighted themes such as adoption, usage, engagements, and infrastructure that dominate in most research. Also, many researchers did not use any research models and theoretical frameworks in their studies, with the unified theory of acceptance and use of technology (UTAUT) and the technology acceptance model (TAM) being the most favoured models and theoretical frameworks when utilized. The present study also provides the factors affecting digital payment adoption. This study provides academic contribution by providing global research trends, methodological preferences, and theoretical frameworks. Future directions and thrust areas in the field of digital payments have also been discussed, which guides academicians in the direction of more thorough studies.